Hesai Group, a LiDAR sensor manufacturer for autonomous vehicles, raised $190M from its IPO debut on NASDAQ.
The company sold 10 million American depositary shares for $19. The listing gave the firm a market cap of $2.98B. The firm has raised $601.2M in venture funding to date.
- Hesai's stock prices were up 25% since its debut, trading at $23.75 per share.
- The listing was the largest yet for a Chinese firm since Didi.
- Co-founder and CEO Yifan Li chose a U.S. listing to gain more global exposure.
- Hesai raised $300M in Series D funding in June 2021 and an additional $70M in Series D in November 2021.
- Notable investors of the firm include Lightspeed Venture Partners, Qiming Venture Partners, Baidu, Xiaomi.